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LithiumBank Resources Converts Its 10-6 Oil Well in Alberta to a Lithium Brine Production Well

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LithiumBank Resources (LBNK.V) said Wednesday the 10-6 well at its Boardwalk project in Alberta has been officially re-designated and approved as a dedicated lithium brine production well.

The 10-6 well was originally a conventional oil well, a statement said.

"Successfully re-designating the 10-6 well from oil and gas license to a brine hosted mineral license is an important operational milestone for LithiumBank," said Chief Executive Rob Shewchuk.

"It validates our brownfield development strategy-- taking advantage of Alberta's extensive existing oilfield infrastructure to minimize development costs, lower environmental footprint, and streamline regulatory pathways as we advance Boardwalk toward commercial-scale DLE (direct lithium extraction) production with our technical partners," he added.

LithiumBank shares closed down CA$0.02 to CA$0.73 on the TSX Venture Exchange.

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